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German economy to be dampened by Brexit next year: economic institute

Xinhua, September 8, 2016 Adjust font size:

Britain's decision to leave the European Union would leave its mark on Germany's economic growth next year, said a leading economic institute on Thursday.

The Berlin-based German Institute for Economic Research (DIW) raised its forecast for German growth in 2016 to 1.9 percent, citing a strong economic performance in the first half year. However, the German economy was only expected to expand by 1 percent in 2017.

"The German economic engine is likely to temporarily fall into stuttering," said the think tank in a report, adding that the Brexit was likely to slow German foreign trade by the middle of 2017, as Britain would import less from Germany and the uncertain future relations between Britain and the EU would also lead to restraint in investment.

"The German economy is likely to get significantly undermined in the coming year," said DIW president Marcel Fratzscher, "The Brexit-vote is creating uncertainty and will cause many companies to postpone their investments." Endit